Page 461 - Business Finance
Hero MotoCorp eyes leadership in premium bike segment;launches 3 new models
The country's largest two-wheeler maker Hero MotoCorp Wednesday said it is eyeing leadership position in the premium motorcycle segment over the next five years. The company, which on Wednesday expanded its premium bike range with launch of three new models priced between Rs 94,000 and Rs 1.05 lakh (ex-showroom Delhi), aims to bring in new models ranging up to 400-450 cc (middle weight) to consolidate its position in the segment. "Clearly, we want to be either number one or very close to becoming number one. I think that is the spirit in which we are looking at in this segment. "In whatsoever segment we have operated, we have been number one, so there is no reason why we should settle for anything less. But it cannot happen overnight, it will take certain effort, it will take certain level of investment," Hero MotoCorp head of sales and after sales Sanjay Bhan told reporters here. The company would gradually ramp up its presence in the segment leading to leadership position over the ..
IndiGrid investment manager approves Rs 2,560cr preferential issue
Infrastructure investment trust IndiGrid said Wednesday the board of Sterlite Investment Managers has approved a preferential issue of units of India Grid Trust to raise Rs 2,560 crore. Sterlite Investment Managers is the investment manager of the India Grid Trust (IndiGrid), an infrastructure investment trust sponsored by Sterlite Power Grid Ventures Ltd. The board of Sterlite Investment Managers approved a preferential issue of units of IndiGrid to raise up to Rs 2,560 crore in its meeting held on April 30, 2019, IndiGrid said in a BSE filing. IndiGrid, which comprises power transmission projects, plans to raise Rs 2,064 crore from KKR and GIC out of total primary capital raising of Rs 2,560 crore. The proceeds will be used to acquire transmission assets. The board also approved a proposal to sign definite agreements by IndiGrid to acquire five transmission assets worth Rs 11,500 crore from Sterlite Power. The decision of the board to raise fund and acquire assets would expand ...
Future course of action after studying Sebi order: NSE chief
The National Stock Exchange is currently examining the Sebi order, barring it from the securities market for six months in the years long co-location issue and directing it to pay a penalty of Rs 1,000 crore, to decide its future course of action, its MD & CEO Vikram Limaye said on Wednesday.
Sebi fines 2 promoters of Aadi Industries Rs 30 lakh for disclosure lapses
Markets regulator Sebi has imposed a total fine of Rs 30 lakh on two promoters of Aadi Industries for failing to disclose the change in their shareholding in the firm. Rushabh Jitendra Shah and Minesh Devendra Shah were promoter directors of the firm at the time of violation, as per Securities and Exchange Board of India (Sebi) order. The regulator conducted an investigation from January 2013 to December 2014 regarding the transactions carried out by them. During the probe, Sebi observed that Minesh executed off-market transactions and acquired more than 5 per cent of share capital of the company during each of the quarter period with effect from January 2012. Besides, Rushabh Shah had executed various on-market and off-market transactions and on asking the BSE about the disclosures made by any of them, the exchange in a reply to regulator said that no disclosures were received from any entities during the examination period. Under takeover norms and insider trading regulations, any ..
Shatrughan Sinha richest candidate in Patna Sahib
Actor-turned-politician Shatrughan Sinha, contesting from the Patna Sahib constituency as a Congress nominee, has emerged as the richest candidate with Rs 112 crore assets.
Favouritism shadow on top railway appointments
Two new key appointments in the Indian Railways have come under the scanner as the officers selected for these senior positions don't seem to meet the hiring rules.
Sebi levies Rs 36 lakh fine on 7 entities for fraudulent trade practices
Markets regulator Sebi imposed a total penalty of Rs 36 lakh on seven entities for indulging in manipulative and fraudulent trade practices in illiquid stock options of BSE. The Securities and Exchange Board of India (Sebi) conducted an investigation into the trading activity in illiquid stock options on BSE from April 2014 to September 2015 after observing large-scale reversal of trades in the bourse's stock options segment. During the probe, Sebi observed that a total of 2.91 lakh trades, comprising more than 80 per cent of all the trades executed in stock options of the exchange, were non-genuine and the firms were among the entities that had indulged in executing non-genuine trades. The manner of placing buy and sell orders in a synchronised manner within few minutes of each other and reversal of trades in a short time with wide price variation without any basis for such variation indicate that trades executed by the entities were non-genuine and created artificial trading ...
Over Rs 12,000 crore subsidy disbursed to home-buyers: Housing Ministry
Subsidy of over Rs 12,000 crore has been disbursed to home buyers till March under the government's Credit Linked Subsidy Scheme, the Union Housing and Urban Affairs Ministry has said in reply to an RTI query. The Pradhan Mantri Awas Yojana (Urban), launched by Prime Minister Narendra Modi in June 2015, aims to ensure "housing for all by 2022" by providing financial assistance to beneficiaries. Under the Credit Linked Subsidy Scheme (CLSS), the Centre provides interest subsidy of up to around Rs 2.67 lakh on home loans to individuals, which reduces the principal outstanding amount of the loan. "Under the CLSS component of PMAY (U), as on March 31, 2019, interest subsidy of Rs 12,717 crore has been released across the country," the RTI reply stated. PMAY (U) has four components -- CLSS, In Situ Slum Redevelopment, Affordable Housing in Partnership and Beneficiary Led Construction -- under which the ministry provides central assistance to beneficiaries to construct their own houses.
GST collection at Rs 1.13 lakh cr in April, highest ever
GST revenue mop-up scaled a monthly record high of over Rs 1.13 lakh crore in April, an increase of 10 per cent over the collection in the year-ago period, on the back of anti-evasion steps taken by tax officers. Total number of summary sales return GSTR-3B filed for the month of March up to April 30 stood at 72.13 lakh. April 2019 is the second consecutive month when Goods and Services Tax (GST) collection exceeded Rs 1 lakh crore. In March, the mop-up was Rs 1.06 lakh crore. "The total gross GST revenue collected in April 2019 is Rs 1,13,865 crore. The revenue in April 2018 was Rs 1,03,459 crore and the revenue during April 2019 is a growth of 10.05 per cent over the revenue in the same month last year," a finance ministry statement said. The government has settled Rs 20,370 crore to Central GST and Rs 15,975 crore to State GST from Integrated GST as regular settlement. Further, Rs 12,000 crore has been settled from the balance IGST available with the Centre on provisional basis in .
GPIL reports revenue of Rs 3,322 crore in FY 19 due to 31 pc growth in production
Godawari Power and Ispat Ltd (GPIL) said on Wednesday that higher production led to 31 per cent growth in its consolidated revenue at Rs 3,322 crore in 2018-19 as compared to the previous year.At the same time, EBITDA (earnings before interest, tax, depreciation, and amortisation) too moved up 31 per cent at Rs 795 crore. The profit after tax increased 21 per cent to Rs 261 crore, it said in a presentation for analysts and investors.During the year, GPIL reported highest-ever production of pellets at 19.3 lakh tonnes (up 5 per cent y-o-y), steel billets at 2.98 lakh tonnes (up 51 per cent), mild steel rounds at 1.82 lakh tonnes (up 28 per cent) and hard black wire at 1.34 lakh tonnes (up 15 per cent).The flagship company of Raipur-based Hira Group having a dominant presence in long product segment of the steel industry said billets production is expected to go over 90 per cent in the current financial year 2019-20 while iron ore mining could jump 85 per cent by next fiscal."The ...
Suzuki Motorcycle India sales up 12.57 pc in April
Suzuki Motorcycle India (SMIPL) Wednesday reported 12.57 per cent increase in total sales at 65,942 units in April. The company had sold 58,577 units in April last year, SMIPL said in a statement. Domestic sales grew by 9.25 per cent to 57,072 units in April as against 52,237 units in the year-ago month, it added. Commenting on the sales performance, SMIPL Vice President, Marketing, Sales, and After Sales Devashish Handa said, "Given the depressed industry sentiment, this is a great start of the new financial year for Suzuki Motorcycle India and we are poised for a strong performance in 2019-20, aiming to achieve 1 million sales target." The company's focus in this fiscal year "is also to strengthen our dealer network and product portfolio with the addition of new premium products to our stable catering to a larger customer base," he said.
Honda Cars India sales up 23 pc in April
Honda Cars India Ltd (HCIL) Wednesday reported 23 per cent increase in domestic sales at 11,272 units in April as against 9,143 units in the same month last year. The company's April sales growth is primarily due to lower base effect, as there was no 'Amaze' in corresponding month last year during model runout, HCIL Senior Vice President and Director, Sales and Marketing Rajesh Goel said. The ongoing elections and overall subdued market sentiment continue to affect the sales momentum, he added. "Going forward, the industry is heading towards a tougher year impacting sales due to volatility in fuel prices, increase in car prices owing to new regulations and stricter inventory control for smooth switchover to BS VI regime by year end," Goel said.
Maruti Suzuki's April sales down 17.2%
Automobile major Maruti Suzuki India on Tuesday reported a decline of 17.2 per cent in its total sales including exports for April.
Pak holds talks with IMF delegation on bailout package
Senior Pakistani officials on Wednesday held technical discussions with a visiting IMF delegation for a bailout package to the cash-strapped country. The talks will continue for about a week. Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. With the generous Chinese assistance, Pakistan has so far received a total of USD 9.1 billion in financial aid packages from friendly countries during the current fiscal year. Wednesday's talks came days after Prime Minister Imran Khan met IMF chief Christine Lagarde in Beijing. The IMF delegation, which arrived in Islamabad on Monday, is expected to conclude the technical details of the proposed loan by May 6. The proposed bailout package is expected to range between USD 7 billion and USD 8 billion, Geo News reported. The Pakistani delegation was led by Adviser to Prime Minister on Finance, Dr Abdul Hafeez ...
Sebi imposes Rs 79 lakh fine on MD, 6 directors of Ranklin Solutions
Markets watchdog Sebi has imposed a total penalty of Rs 79 lakh on the managing director and six directors of Ranklin Solutions for disclosure lapses and violation of insider trading norms. The regulator during its investigation between February 2010 and January 2011 found that the MD of the firm, MJVVD Prakash, failed to make requisite disclosures under Takeover norms and did not make an open offer after change in his holding in the company. Under the Substantial Acquisition of Shares and Takeovers (SAST) norms, an entity has to make an open offer in case its shareholding goes beyond a certain threshold. Prakash held 14.6 per cent of the share capital of the company and on June 29, 2010 he acquired 35,000 shares which increased his shareholding to 15.29 per cent, Sebi noted in its order dated Apr 30. "The holding of Prakash in the company has crossed 15 per cent ... Prakash is required to make a public announcement to acquire shares of the company in terms of ... SAST Regulations. ...
GST revenue collections peak at Rs 1.13 lakh crore in April
Gross revenue on account of Goods and Services Tax (GST) in April totalled to Rs 113,865 crore, marking a growth of 10.05 per cent in the year-on period, the government said on Wednesday.Of this, Central GST was Rs 21,163 crore, State GST Rs 28,801 crore, Integrated GST Rs 54,733 crore (including Rs 23,289 crore collected on imports) and cess Rs 9,168 crore (including Rs 1,053 crore collected on imports).The total number of GSTR 3B returns filed for the month of March till April 30 was 72.13 lakh. The government settled Rs 20,370 crore to CGST and Rs 15,975 crore to SGST from IGST as regular settlement.Further, Rs 12,000 crore was settled from the balance IGST available with the Centre on a provisional basis in the ratio of 50:50 between the Centre and states.The total revenue earned by the central government and state governments after regular and provisional settlement in April was Rs 47,533 crore for CGST and Rs 50,776 crore for the SGST.The revenue in April 2018 was Rs 103,459 ...
Maharashtra has emerged as economic engine of India: Governor
Maharashtra Governor Vidyasagar Rao Wednesday said the state is the economic engine of the country and has played a significant role in development of its infrastructure. Rao appealed to the citizens to join hands in building a new and vibrant Maharashtra. The governor was addressing a gathering after hoisting the tricolour and inspecting the ceremonial parade at Shivaji Park in Central Mumbai on the occasion of the 59th anniversary of the formation of the State of Maharashtra. Rao said Maharashtra has traditionally enjoyed geographical advantage in terms of industrial development. The state has maintained its position as one of the most attractive destinations for domestic as well as foreign investment, he said. "The state is the economic engine of the nation and has played a significant role in the countrys infrastructural development. "Maharashtra is also a leading state in the country in terms of agriculture, industrial production, trade and transport," the governor .
More trouble for aviation sector, Jet fuel hiked by 2.5%
In what could cause further trouble for the aviation sector, the state-run Indian Oil Corporation on Tuesday raised the price of Aviation Turbine Fuel (ATF) by 2.5 per cent.
GST collection soars in April to Rs 1,13,865 crore (2nd Lead)
The Goods and Services Tax (GST) collection rose 10.05 per cent to Rs 1,13,865 crore in April from a year ago recording highest ever monthly revenue mop-up since the new indirect tax system was rolled out on July 1, 2017.
Huawei pips Apple to be 2nd largest smartphone seller
With a 17 per cent share in the global smartphone market, Chinese technology giant Huawei overtook Apple as the second largest smartphone seller in the first quarter of 2019 after Samsung, according to a new report from Counterpoint Research.